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Compound interest earns returns on both the initial principal and previously accumulated interest. This creates exponential growth. Simple interest, by contrast, only grows on the original principal.
- 1A = P(1 + r/n)^(nt) for periodic compounding
- 2A = Pe^(rt) for continuous compounding
- 3Rule of 72: years to double ≈ 72 ÷ annual rate %
$1,000 at 5%, 10 yrs (annual)=$1,628.89Interest: $628.89
$1,000 at 5%, 10 yrs (monthly)=$1,647.01$18 more from monthly compounding
| Rate | Years to double |
|---|---|
| 2% | 36 |
| 3% | 24 |
| 4% | 18 |
| 6% | 12 |
| 8% | 9 |
| 10% | 7.2 |
| 12% | 6 |
| 15% | 4.8 |
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Fun Fact
Albert Einstein is often (likely apocryphally) quoted calling compound interest "the eighth wonder of the world." Whether he said it or not, the math is undeniable.
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